Therapeutics Acquisition Corp. (NASDAQ:RACA) announced in an 8-K filing this morning that its shareholders approved its combination with radiopharmaceutical firm POINT Biopharma at a special meeting yesterday.
A not-insignificant number of shareholders opted to redeem their shares in connection with the vote, however. A total of 1,394,131 shares were redeemed, removing $13,941,310 from Therapeutic’s trust, or just over 10%. This is still not a bad result in the current market and should not interfere with the closing of the transaction, expected to come shortly. POINT is expected to trade on the Nasdaq under the symbol “PNT” following close.
Therapeutics initially announced the $639 million deal with POINT Biopharma on March 15. POINT is a clinical stage radiopharmaceutical firm researching the use of radioglands to treat cancer before and during chemotherapy. POINT is ahead in its development timeline than many other biotech firms targeted by SPACs over the last six months as it already has two cancer therapies in Phase III trials with two more at preclinical stages.
All measures on Therapeutic’s ballot passed by wide margins, but for a full list of proposals and vote tallies, click HERE.
ADVISORS
- Perella Weinberg Partners LP is acting as lead financial and capital markets advisor to POINT.
- Cowen and Company, LLC and Piper Sandler are also acting as capital markets advisors to POINT.
- Jefferies LLC is acting as lead financial and capital markets advisor to RACA.
- Bass, Berry & Sims PLC is acting as lead legal counsel to POINT.
- Goodwin Procter LLP is acting as lead legal counsel to RACA.
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...